More Taxes on NatGas thanks to……
As winter nears here in the Northeast, it sure is nice to know that part of the just-passed-the-House “Build Back Better” plan is a tax increase on natural gas. As Eric Boehm of Reason reports:
Buried inside the “Build Back Better” plan that cleared the House of Representatives on Friday morning is a new tax on natural gas production that will likely translate into higher heating bills for American households.
The new tax is aimed at curbing methane emissions and will apply fees to companies that produce, process, transmit or store oil and natural gas starting in 2023. The specific fees will depend on where the natural gas is produced and will vary depending on how much methane is released into the atmosphere during the process. Overall, the Congressional Budget Office estimates that the new “methane fee” will generate about $8 billion over the next 10 years.
The natural gas industry says that money will end up coming directly out of consumers’ wallets.
This must have been the brainchild of some west coast environmentalist who doesn’t have to worry about cold winters. Or not.
The proposed methane fee is based on legislation introduced earlier this year by Sen. Sheldon Whitehouse (D–R.I.). In a statement when the bill was introduced, Whitehouse said the new fees would slow climate change and improve air quality.
And make his own constituents pay more.